We continue to see little benefit in owning EUR given good odds that political risks rise further in the next 2-3 month - Credit Suisse
21.02.2017, 07:28

We continue to see little benefit in owning EUR given good odds that political risks rise further in the next 2-3 month - Credit Suisse

"For all the talk of discord and chaos on the US political scene, this environment reminds us of the period around 2005-07 when commodities were strong, equity markets lacked volatility while making new highs and all forms of carry and illiquidity were in favour, with exotic currencies all the rage, against a backdrop of slow but steady rises in US interest rates. Of course, that particular era did not end well given the financial crisis came hard and fast in 2008. Also, these "feel-good vibes" have only existed in earnest since November, so the jury on longevity is still out.

Nonetheless some striking parallels exist with that bygone era, which for older market participants likely stand out as among the best of times.

Still, there are obvious differences too. For example EURUSD rallied at an annualized rate of about 15% between Q1 2006 and Q1 2008, taking the pair to all-time highs near 1.60.

With the pair now close to parity again, EUR remains hampered by negative rates, quantitative easing, macro divergences and political risks that are no longer infecting just the periphery but also true core countries like France.

We continue to see little benefit in owning EUR given good odds that political risks rise further in the next 2-3 month".

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Politika sprečavanja pranja novca

Upozorenje o rizicima

Izvršenje trgovinskih operacija sa finansijskim instrumentima upotrebom marginalne trgovine pruža velike mogućnosti i omogućava investitorima ostvarivanje visokih prihoda. Međutim, takav vid trgovine povezan je sa potencijalno visokim nivoom rizika od gubitka sredstava. Проведение торговых операций на финанcовых рынках c маржинальными финанcовыми инcтрументами открывает широкие возможноcти, и позволяет инвеcторам, готовым пойти на риcк, получать выcокую прибыль, но при этом неcет в cебе потенциально выcокий уровень риcка получения убытков. Iz tog razloga je pre započinjanja trgovine potrebno odlučiti o izboru odgovarajuće investicione strategije, uzimajući u obzir raspoložive resurse.

Politika poverenja

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